Posted by Tristan on December 27, 2002 at 13:33:53:
Kevin, my middle score is 500 and the property is located in Chicago, IL.
Refinance questions - Posted by Tristan
Posted by Tristan on December 26, 2002 at 22:37:33:
I did a 203k loan to purchase a single family home in chiciago. The process of closing the deal took roughly 6 months. During that time my credit scores dropped. I am 85% done with the rehab and have started the process of screening for a tenant. Because my scores are low what options do I have to do a refinance?
Re: Refinance questions - Posted by Ed Garcia
Posted by Ed Garcia on December 27, 2002 at 10:26:12:
Tristan,
It’s difficult to give you an answer because I don’t know why your scores have changed. Is it because you have become delinquent on your monthly payments or just because you’ve gotten over obligated with credit card debt etc? In either event there should be a lender for you weather it be, fannie/mae or sub-prime.
If you are over obligated, then my suggestion would be to sell the house, pay off the debt and go do another deal.
Don’t fall in love with a property or deal. It’s just a vehicle to get you to the next one.
Movement to grow is important. A quick nickel is better than a slow dime.
Good luck,
Ed Garcia
Re: Refinance questions - Posted by Kevin
Posted by Kevin on December 27, 2002 at 01:13:58:
What are your scores and in what state is the property? I may be able to help.
Kevin